Instructions For Form 1120-Reit - 2009 (Page 2 of 17) in pdf

IRS Tax Products DVD. You can order

Publication 1796, IRS Tax Products DVD,

Where To File

and obtain the following.

•

Current year forms, instructions, and

File the REIT’s return at the applicable IRS address listed below.

publications.

•

Prior year forms, instructions, and

If the REIT’s principal

And the total assets at

Use the following address:

publications.

business, office, or agency the end of the tax year

•

Tax Map: an electronic research tool

is located in:

are:

and finding aid.

•

Connecticut, Delaware,

Department of the Treasury

Tax law frequently asked questions

District of Columbia, Georgia,

Less than $10 million

Internal Revenue Service Center

(FAQs).

•

Illinois, Indiana, Kentucky,

Cincinnati, OH 45999-0012

Tax topics from the IRS telephone

Maine, Maryland,

response system.

•

Massachusetts, Michigan,

Internal Revenue Code - Title 26 of the

New Hampshire, New Jersey,

U.S. Code.

New York, North Carolina,

•

Fill-in, print and save features for most

Ohio, Pennsylvania, Rhode

tax forms.

Island, South Carolina,

•

Department of the Treasury

Internal Revenue Bulletins.

Tennessee, Vermont,

$10 million or more

•

Internal Revenue Service Center

Toll-free and email technical support.

Virginia, West Virginia,

•

Ogden, UT 84201-0012

Two releases during the year.

Wisconsin

— The first release will ship early in

Alabama, Alaska, Arizona,

January 2010.

Arkansas, California,

— The final release will ship early in

Colorado, Florida, Hawaii,

March 2010.

Idaho, Iowa, Kansas,

Louisiana, Minnesota,

Department of the Treasury

Buy the DVD from the National

Mississippi, Missouri,

Any amount

Internal Revenue Service Center

Technical Information Service (NTIS) at:

Montana, Nebraska, Nevada,

Ogden, UT 84201-0012

for $30 (no

New Mexico, North Dakota,

handling fee) or call 1-877-233-6767 toll

Oklahoma, Oregon, South

free to buy the DVD for $30 (plus a $6

Dakota, Texas, Utah,

handling fee).

Washington, Wyoming

By phone and in person. You can

Internal Revenue Service Center

A foreign country or U.S.

order forms and publications by calling

Any amount

P.O. Box 409101

possession

1-800-TAX-FORM (1-800-829-3676). You

Ogden, UT 84409

can also get most forms and publications

at your local IRS office.

A group of corporations with members located in more than one service center area

will often keep all the books and records at the principal office of the managing

corporation. In this case, the tax returns of the corporations may be filed with the

General Instructions

service center for the area in which the principal office of the managing corporation is

located.

Purpose of Form

•

Would otherwise be taxed as a

The organization must adopt a

Use Form 1120-REIT, U.S. Income Tax

domestic corporation.

calendar tax year unless it first qualified

Return for Real Estate Investment Trusts,

•

Must be neither a financial institution

for REIT status before October 5, 1976.

to report the income, gains, losses,

•

(referred to in section 582(c)(2)), nor a

The deduction for dividends paid

deductions, credits, certain penalties, and

subchapter L insurance company.

(excluding net capital gain dividends, if

to figure the income tax liability of a REIT.

•

Cannot be closely held, as defined in

any) must equal or exceed:

section 856(h). (The REIT does not have

Who Must File

1. 90% of the REIT’s taxable income

to meet this requirement until its 2nd tax

(excluding the deduction for dividends

A corporation, trust, or association that

year).

paid and any net capital gain); plus

meets certain conditions (discussed

If a REIT meets the requirement for

2. 90% of the excess of the REIT’s

below) must file Form 1120-REIT if it

ascertaining actual ownership (see

net income from foreclosure property over

elects to be treated as a REIT for the tax

Regulations section 1.857-8 for details),

the tax imposed on that income by

year (or has made that election for a prior

and did not know (after exercising

section 857(b)(4)(A); less

tax year and the election has not been

reasonable diligence), or have reason to

3. Any excess noncash income as

terminated or revoked). The election is

know, that it was closely held, it will be

determined under section 857(e).

made by figuring taxable income as a

treated as meeting the requirement that it

See sections 856 and 857, and the

REIT on Form 1120-REIT.

is not closely held.

related regulations for details and

exceptions.

General Requirements To

Other Requirements

Termination of Election

Qualify as a REIT

The gross income and diversification of

investment requirements of section 856(c)

The election to be treated as a REIT

To qualify as a REIT, an organization:

•

must be met. The organization must:

remains in effect until terminated,

Must be a corporation, trust, or

•

Have been treated as a REIT for all tax

revoked, or the REIT has failed to meet

association.

•

years beginning after February 28, 1986,

the requirements of the statutory relief

Must be managed by one or more

provisions. It terminates automatically for

trustees or directors.

•

Had, at the end of the tax year, no

any tax year in which the corporation,

Must have beneficial ownership (a)

accumulated earnings and profits from

trust, or association is not a qualified

evidenced by transferable shares, or by

any tax year that it was not a REIT.

REIT.

transferable certificates of beneficial

interest; and (b) held by 100 or more

For this purpose, distributions are

The organization may revoke the

persons. (The REIT does not have to

treated as made from the earliest

election for any tax year after the 1st tax

meet this requirement until its 2nd tax

earnings and profits accumulated in any

year the election is effective by filing a

year.)

non-REIT tax year. See section 857(d)(3).

statement with the service center where it

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Instructions For Form 1120-Reit - 2009 Page 2

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